MortgageOne™ - Frequently Asked Questions
(Current Account is eligible for protection by PIDM)1. |
What
is MortgageOne™ account? |
|
| It’s an all in one account that manages your loan and deposits accounts into one convenient transactional account. | ||
2. |
Who
is eligible for MortgageOne™? |
|
| All Malaysians who wish to: | ||
| • | buy residential property that is completed or under construction | |
| • | refinance residential property that is completed | |
3. |
How
does MortgageOne™ work? |
|
| • | It’s an all in one account where your savings, payroll, current and mortgage accounts all manage under one roof. | |
| • | It’s also works to reduce your loan principal whenever you deposit any additional money such as your salary, or spare cash. | |
| • | When your loan principal decreased, the amount of interest you pay also reduced. | |
4. |
What are the fees and charges involved? |
|
| There is a one-time setup fee of RM200 and a maintenance fee of RM10 monthly for each account. Click here for the full list of fees and charges. | ||
5. |
What is a redraw facility? |
|
| This facility allows you to withdraw money from your loan account for your personal consumption, subject to the availability of funds up to reducing loan limit. With MOA, you will find it flexible, as you can withdraw your money at any time without any restrictions or penalties. | ||
6. |
How much can I borrow? |
|
| As with all loans, this amount will be subject to your ability to repay. It depends on your income and other financial commitments. | ||
7. |
How is MortgageOne™ different from other housing loans offered by other banks? |
|
| Other loans may provide redraw facilities and interest calculations on daily or fortnightly rest, but our MortgageOne™ goes further for you. You have flexible loan features to tailor to your specific needs, such as a choice in repayment options with low start and graduated repayments. You can also take advantage of a payment holiday if you need to “skip” payment for a particular month. | ||
8. |
Can I have payment holiday together with Low Start option? |
|
| If you have opted for the Low Start option, you need to service monthly interest only (max 24 mths) and thus a payment holiday is not allowed during this period. However, a payment holiday may be considered on application to the bank | ||
9. |
When is interest calculated on MortgageOne™ account? |
|
| Interest is calculated daily on outstanding balance, which is debited monthly. Currently, no interest is paid for MortgageOne™ account in credit balance. | ||
10. |
What is the interest rate charged for MortgageOne™? |
|
| Rest assured that the interest rate charged is competitive to overall interest savings. It is important to remember that MortgageOne™ offers numerous money management solutions to help you reduce your loan outstanding, which in turn will reduce your interest payments. | ||
11. |
Who can I contact to find out more? |
|
| Any of our Mortgage Sales Officers will be able to explain MortgageOne™ and tailor to suit your needs. You can request for a Mortgage Consultant to meet you by writing to us at Malaysia.Feedback@sc.com | ||
12. |
I am a 1st time homebuyer, is MortgageOne™ for me? |
|
| Because you’re a 1st time buyer, MortgageOne™ is ideal for you too. But first, do not be alarmed by the slightly higher interest as compared to the other banks. The flexibility outweighs the 1st year lower rates. Always remember that. As you will progress in life and career... use your savings, surplus cash, windfalls, bonuses, etc. and place it in MortgageOne™. | ||
13. |
I am buying my 2nd home or want to refinance my loan, is MortgageOne™ suitable for me? |
|
| MortgageOne™ has helped many of our customers like yourself to save. Our Mortgage Consultants are ever willing to assist you and with minimal hassle. What you need to do is to spare ½ an hour of your time | ||
14. |
I already have an existing housing loan and it is a hastle to change banks. How can MortgageOne™ help me? |
|
| MortgageOne™ has helped many of our customers like yourself to save. Our Mortgage Consultants can assist you to refinance with little hassle. What you need to do is start saving and get more flexibility on your mortgage. | ||
What You Can Do Next...
- Find out about eligibility requirements and documentation needed here
- Apply Now. Click here
to download our Application Form. Please visit your nearest branch
to
submit your completed form.
*Terms and conditions apply
